CAMBRIDGE, Mass. and CARLSBAD, Calif., Feb. 1 /PRNewswire-FirstCall/ --
Genzyme Corp. (Nasdaq: GENZ) and Isis Pharmaceuticals, Inc. (Nasdaq: ISIS)
today announced that they have received clearance under the
Hart-Scott-Rodino Antitrust Improvements Act for their collaboration, which
was announced on January 7, 2008. Based on this approval, Genzyme will pay
Isis $150 million to purchase five million shares of Isis common stock for
$30 per share.
Upon completion of final contracts, Genzyme will pay to Isis an
additional up-front cash payment of $175 million for the exclusive
licensing of mipomersen. As part of the strategic alliance, Genzyme will
develop and commercialize mipomersen, a breakthrough, potential blockbuster
lipid-lowering treatment for high risk cardiovascular patients that
utilizes Isis' novel antisense technology. Isis will also be eligible to
receive milestone and profit sharing payments for mipomersen, which is
currently in phase 3 development. In addition, Genzyme will have preferred
access to future drugs developed by Isis for CNS and certain rare diseases.
ABOUT GENZYME
One of the world's leading biotechnology companies, Genzyme is
dedicated to making a major positive impact on the lives of people with
serious diseases. Since 1981, the company has grown from a small start-up
to a diversified enterprise with more than 10,000 employees in locations
spanning the globe and 2006 revenues of $3.2 billion. In 2007, Genzyme was
chosen to receive the National Medal of Technology, the highest honor
awarded by the President of the United States for technological innovation.
With many established products and services helping patients in nearly
90 countries, Genzyme is a leader in the effort to develop and apply the
most advanced technologies in the life sciences. The company's products and
services are focused on rare inherited disorders, kidney disease,
orthopaedics, cancer, transplant and diagnostic testing. Genzyme's
commitment to innovation continues today with a substantial development
program focused on these fields, as well as immune disease, infectious
disease and other areas of unmet medical need.
Genzyme's press releases and other company information are available at
http://www.genzyme.com and by calling Genzyme's investor information line
at 1-800-905-4369 within the United States or 1-678-999-4572 outside the
United States.
ABOUT ISIS PHARMACEUTICALS, INC.
Isis is exploiting its expertise in RNA to discover and develop novel
drugs for its product pipeline and for its partners. The Company has
successfully commercialized the world's first antisense drug and has 18
drugs in development. Isis' drug development programs are focused on
treating cardiovascular and metabolic diseases. Isis' partners are
developing antisense drugs invented by Isis to treat a wide variety of
diseases. Ibis Biosciences, Inc., Isis' majority-owned subsidiary, is
developing and commercializing the Ibis T5000(TM) Biosensor System, a
revolutionary system to identify infectious organisms. Isis is a joint
owner of Regulus Therapeutics LLC, a joint venture focused on the
discovery, development and commercialization of microRNA therapeutics. As
an innovator in RNA-based drug discovery and development, Isis is the owner
or exclusive licensee of over 1,500 issued patents worldwide. Additional
information about Isis is available at http://www.isispharm.com.
GENZYME SAFE HARBOR STATEMENT
This press release contains forward-looking statements, including the
statements regarding the completion of negotiations on a final license
agreement for mipomersen. These statements are subject to risks and
uncertainties that could cause actual results to differ materially from
those projected in these forward-looking statements. These risks and
uncertainties include, among others, Genzyme's favorable completion of its
due diligence review on mipomersen, the ability of the parties to agree to
final contract terms and the risks and uncertainties described in reports
filed by Genzyme with the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended, including without limitation
the information under the heading "Risk Factors" in the Management's
Discussion and Analysis of Financial Condition and Results of Operations
section of the Genzyme Quarterly Report on Form 10-Q for the quarter ending
September 30, 2007. Genzyme cautions investors not to place substantial
reliance on the forward-looking statements contained in this press release.
These statements speak only as of the date of this press release, and
Genzyme undertakes no obligation to update or revise the statements.
Genzyme(R) is a registered trademark of Genzyme Corporation. All rights
reserved.
ISIS SAFE HARBOR STATEMENT
This press release includes forward-looking statements regarding Isis'
collaboration with Genzyme Corporation, and its financial and business
development activities. Any statement describing Isis' goals, expectations,
financial or other projections, intentions or beliefs is a forward-looking
statement and should be considered an at-risk statement, including those
statements that are described as Isis' goals. Such statements are subject
to certain risks and uncertainties, particularly those inherent in the
process of discovering, developing and commercializing drugs that are safe
and effective for use as human therapeutics, and in the endeavor of
building a business around such products. Isis' forward-looking statements
also involve assumptions that, if they never materialize or prove correct,
could cause its results to differ materially from those expressed or
implied by such forward-looking statements. Although Isis' forward-looking
statements reflect the good faith judgment of its management, these
statements are based only on facts and factors currently known by Isis. As
a result, you are cautioned not to rely on these forward-looking
statements. These and other risks concerning Isis' programs are described
in additional detail in Isis' annual report on Form 10-K for the year ended
December 31, 2006, and its quarterly report on Form 10-Q for the quarter
ended September 30, 2007, which are on file with the SEC. Copies of these
and other documents are available from the Company.
Isis Pharmaceuticals is a registered trademark of Isis Pharmaceuticals,
Inc. Ibis Biosciences and Ibis T5000 are trademarks of Ibis Biosciences,
Inc.
Regulus Therapeutics is a trademark of Regulus Therapeutics LLC.
Genzyme Contacts:
Patrick Flanigan (Investors) Erin Emlock (Media)
617-768-6563 617-768-6923
Isis Pharmaceuticals' Contacts:
Kristina Lemonidis (Investors) Amy Blackley, Ph.D. (Media)
760-603-2490 760-603-2772
SOURCE Genzyme Corp.
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Related links:
http://www.genzyme.com
http://www.isispharm.com
http://www.prnewswire.com/comp/104284.html /
CONTACT:
Patrick Flanigan (Investors),
+1-617-768-6563, or Erin Emlock (Media), +1-617-768-6923, both of
Genzyme Corp.; or Kristina Lemonidis (Investors),
+1-760-603-2490, or Amy Blackley, Ph.D. (Media), +1-760-603-2772,
both of Isis Pharmaceuticals
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